Explanation
BACKGROUND: The City of Columbus entered into a Jobs Growth Incentive Agreement (Agreement) with Simonton Windows, Inc., (Grantee) effective May 23, 2011. Columbus City Council approved the Agreement by Ordinance 0348-2011, adopted March 14, 2011, and granted a financial incentive based on an amount equal to twenty-five percent (25%) of the new Columbus withholding tax paid by the new employees at the project site, to commence on January 1, 2011 for a period of seven (7) consecutive taxable years based on an investment of approximately $1.1 million in leasehold improvements and personal property, the relocation of 49 full-time positions to the City of Columbus and the creation of 46 new permanent full-time positions at 3948 Townsfair Way, Columbus, OH 43219.
In a letter from the Grantee received by the City on October 9, 2012, the Grantee indicated that many of the jobs related to the project are associated with another entity, Simonton Building Products, Incorporated, and are attributable to this project. As such, the need exists to amend the Agreement to add Simonton Building Products, Incorporated as an additional grantee to the Agreement.
This legislation is submitted as an emergency in order to add Simonton Building Products, Incorporated as a grantee to the Agreement prior to the end of calendar year 2012 so that the Agreement will be amended prior to the start of the reporting season for Report Year 2012.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Jobs Growth Incentive Agreement with Simonton Windows, Inc. to include Simonton Building Products, Inc. as an additional grantee to the agreement; and to declare an emergency.
Body
WHEREAS, Columbus City Council approved a Jobs Growth Incentive Agreement (Agreement) with Simonton Windows, Inc. (Grantee) by Ordinance 0348-2011 on March 14, 2011; and
WHEREAS, the Agreement granted a fina...
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